Jet Airways on Wednesday said that it is discussing a comprehensive resolution plan with its lenders in a bid to put the ailing airlines back on track. 

“The said resolution plan, inter alia, contemplates various options on the debt-equity mix, proportion of equity infusion by the various stakeholders and the consequent change in the composition of the Company’s Board of Directors,” Jet Airways said in a statement.

“The resolution plan is presently under active discussion amongst the stakeholders and the various options therein, being privileged and confidential, are yet to be crystallised and agreed to by the stakeholders in the best interests of the Company,”it added. 

This comes even as media reports suggested that Etihad Airways has set stiff conditions, including complete exit of Naresh Goyal and his family from the management of Jet Airways. Etihad has also offered Rs 140 to 150 a share, far lower than the current market price of Rs 271 on the BSE. 

Terming the reports as speculation, Jet Airways said , “we hereby categorically state that in line with the decisions of the Board of Directors at their meeting held on 27 August, 2018, the Company has been working on various cost cutting measures, debt reduction and funding options including infusion of capital, monetisation of assets including the Company’s stake in its loyalty program, in consultation with various key stakeholders.”

“Further, pursuant to a delay in the payment of interest and principal instalment due to the consortium of Indian banks, led by State Bank of India (SBI), on 31 December, 2018, by the Company, SBI in consultation with the other members of the consortium and the other stakeholders has been working on a comprehensive resolution plan towards a turnaround of the Company for its sustained growth and restoration of financial health,”it added. 

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